Last term's champions are already eight points behind league leaders Chelsea after 11 games, leaving them playing catch-up in the chase for the league crown.
But Pellegrini said there was still a long way to go, maintaining hope his team can still reel in Jose Mourinho's men.
"Now is not the moment to analyse what has happened in the season," the Chilean told Sky Sports News on Wednesday. "There are a lot of games to play in the Premier League and Champions League.
"We have 27 more games to play and there are a lot of points [to be contested] so we will see at the end who will be the best team this year."
Pellegrini was inducted into the League Managers Association's Hall of Fame having guided City to the title in his first season in charge.
The 61-year-old, whose side return to action by hosting Swansea City on Saturday, said it was an honour.
"It's a very important honour, the Hall of Fame, for managers who have made an important achievement in English football," Pellegrini said.
"So it is an honour to be with them."
